Health insurance is an important tool that helps you plan a secure financial future. Yet, a huge percentage of people in India are hesitant to buy health plans due to the complex terms and conditions as well as their costs. However, with the rising cost of medical treatments, health insurance can keep your finances protected in case of expensive medical procedures. There are many benefits that a policyholder can take advantage of. So, if you are not sold on buying health insurance for yourself and your loved ones, this article will drive you to focus on the perks and blur out the ‘ifs and buts’.
Read on to know the advantages of health insurance in India:
With health insurance policy, you can avail an important feature such as hospitalisation benefit which covers the costs incurred on seeking treatment like:
The expenses resulting from hospitalisation for at least 24 hours including the cost of ICU, medicines, doctor’s charges, room rent, etc. are covered.
It covers the treatment that is taken at home under medical supervision. However, there is a limit on the amount and the number of days for which the benefit is provided.
The charges incurred on availing an ambulance due to a medical emergency is covered under the health plan.
Pre & Post Hospitalisation
Pre and post-hospitalisation cover financially secures you against the expenses incurred before and after hospitalisation for a specific number of days.
With this facility, the insurer will settle the claim amount directly with the hospital and you won’t have to pay for the hospitalisation. However, you must seek treatment at one of the network hospitals associated with the insurer to enjoy the cashless facility.
Many health insurance providers cover alternative therapies such as Ayurveda and homoeopathy, offering policyholders another treatment option. Thus, you can opt for alternative treatment under your health insurance without any hassles.
Also known as recuperating/recovery benefit, the convalescence benefit takes care of the ‘recovery expenses’ of the insured. Any additional costs that may arise due to the insured’s hospitalisation, such as the replacement of loss of income of the insured are indemnified under the plan.
Expenses incurred on organ transplant are covered under healthcare plans in India. A lot of insurers cover the entire cost, while some have a limit on these expenses. So, do not forget to go through the sub-limits and terms mentioned in the plan.
The daily hospital cash feature offers financial aid to take care of other hospitalisation expenses that aren’t covered under the plan. There are no restrictions applicable on the usage of this amount and it can be utilised as per your requirement. But not all health plans include this feature and may provide it as an add-on cover.
Health insurance plans in India provide an attendant allowance to those adults who accompany the policyholder for the treatment. However, this benefit can be availed only if the insured is a child. Additionally, the attendant allowance is offered for a fixed number of days only.
Most insurance providers offer coverage against dental treatments taken once every few years. Since the cost of dental treatment is pretty high, this cover can prove beneficial in the long run.
Many health insurers offer free health check-ups to policyholders after completing a certain number of claim-free years. In fact you can now avail cashless check-ups in case you take the medical treatment from a network hospital.
Finally, yet importantly, you can enjoy many other benefits of this insurance by opting for add-on covers available at an additional but affordable premium. These include air ambulance coverage, vaccination expenses cover, maternity cover, coverage for newborns, etc. to name a few.
This insurance enables you to prioritise your health while saving money on taxes. That’s right! You can claim the premiums paid towards insurance under Section 80D of the Income Tax Act, 1961. If you or your parents are under 60 years of age, you can claim a maximum deduction of ₹25,000. But if you or your parents are over 60 years of age, the maximum amount of ₹50,000 can be claimed.
The feature enables you to refill your sum insured if you have exhausted the existing limit. The benefit of refilling your sum insured is available for unrelated ailments only. It is ideal for people who protect the entire family under one plan with family floater policies.
Now that you know the advantages of health insurance, it would be best to compare different health plans online before making a decision. We believe that with this article, you not only know the benefits of buying medical insurance in India but are also well-versed with different factors to consider before making the purchase.
So, head over to Bajaj MARKETS or download our insurance app to buy health insurance with ease! We safeguard you against the rising healthcare costs with a cashless facility, extensive coverage and cost-effective premiums.
Read More: Why Buy Health Insurance Online
The following are the 10 benefits of health insurance that provide maximum perks:
Enhanced healthcare coverage
Cover against various ailments
Extra protection with add-on covers
Cover for pre-existing illnesses
Cashless treatment facility
Wide range of network hospitals
Availability of health plans based on insurance needs
High sum insured amount options
You can opt for the following add-on covers with your insurance plan:
Accidental death cover
Daily hospital cash
Critical illness cover
Newborn baby cover
To avail an affordable health insurance premium, it is recommended to buy a policy when you are younger to enjoy high coverage at lower premiums.
Yes. You can head over to the ‘Health Insurance’ section on Finserv MARKETS to purchase insurance or use our insurance app.
You can reduce the cost of insurance premiums by:
Revising your sum assured.
Reducing the number of unnecessary add-ons.
Comparing plans online to find the most economical plan.
Use the No Claim Bonus to get a discount on renewal.